Consult an Agent

Yearly Convertible Term

What Is It?

Affordability is key. Yearly Convertible Term is temporary life insurance protection at an affordable initial premium. This type of policy is renewable each year, which means you may renew the policy annually (until the expiry age which varies by state) without providing evidence of insurability, or proof of your good health.

As long as you pay the premium, the policy remains in force. Like all term insurance, Yearly Convertible Term provides pure insurance protection only. It does not accumulate cash value.

Consider This (the fine print!)

Premiums increase with each policy renewal, the amount of increase is guaranteed in the policy for the first ten years. Each year, the premiums on the renewed policy will typically be higher, because they are based on your age at the start of the renewal period.

You may convert all or part of a Yearly Convertible Term policy into a permanent, cash value policy without furnishing evidence of insurability. This conversion privilege is generally available until the later of the 10th policy anniversary or the policy anniversary at the insured’s age 55. The conversion privilege will vary at issue ages over 65.

Yearly Convertible Term insurance can be the optimal choice when:

You need life insurance coverage, but also need to consider your budget

You need coverage for a well-defined period of time

You want to ensure your family is protected (insurance benefits can help pay a mortgage or fund a child’s education)

You want to protect your business (benefits can ensure business continuation by helping to cover business expenses)